Last $53.53 USD
Change Today -0.20 / -0.37%
Volume 122.6K
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As of 12:26 PM 09/17/14 All times are local (Market data is delayed by at least 15 minutes).

commvault systems inc (CVLT) Key Developments

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against CommVault Systems, Inc. and Certain of its Senior Executives

Bernstein Litowitz Berger & Grossmann LLP announced that on September 10, 2014, it filed a securities class action lawsuit on behalf of its client Town of Davie Police Pension Plan against CommVault Systems, Inc. and certain of its senior executives. The action, which is captioned Town of Davie Police Pension Plan v. CommVault Systems, Inc., et al., No. 3:14-cv-05628 (D.N.J.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. ---- 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated there under, 17 C.F.R. -- 240.10b-5, on behalf of investors who purchased or otherwise acquired the company's common stock during the period from May 15, 2013 and April 24, 2014, inclusive (the "Class Period"). As alleged in the Complaint, Defendants misrepresented the company's revenue growth by booking and subsequently recognizing deferred software licensing revenue to mask slowing revenue growth, while at the same time denying that revenue growth was in fact decelerating. The Company also misrepresented that it was increasing investments in its sales force and hiring more sales employees in order to continue to drive growth through fiscal year 2014 and beyond. As a result of these misrepresentations, the company stock traded at artificially inflated prices during the Class Period.

CommVault Introduces New Simpana Solution Sets Including Automated Cloud Data Management

CommVault announced new Simpana(R) cloud management capabilities and Simpana Solution Sets designed to transform how companies of all sizes protect, manage and maximize the value of business information amidst a rising tide of data and compliance requirements. As enterprises deploy private and hybrid clouds to increase business agility, the new Simpana Solution Sets are designed to speed cloud adoption and data center modernization by delivering next-generation software innovations. Supporting mobile productivity and improved self-service access, the Simpana Solution Sets help customers lower cost and reduce risk with enhanced data and information management for all cloud, hypervisor and storage platforms. With its support of the most cloud storage platforms, CommVault has added capabilities for Amazon Web Services and Microsoft Azure that include robust cloud reporting as well as end user self-service provisioning, recovery, software snapshots and virtual machine resource management. The new Simpana solution sets can be individually deployed or combined as part of a comprehensive data protection and information management solution. Simpana for VM Backup, Recovery and Cloud Management enables virtual machine administrators and end users to build, protect and optimize virtualized and cloud infrastructure. Simpana IntelliSnap(R) Recovery unifies and streamlines application-aware hardware snapshot, replication and recovery to make data assets fully available as size and complexity grow. Simpana for Endpoint Data Protection helps protect and enable the mobile workforce by efficiently backing-up devices and providing secure access and self-service search capabilities. Simpana for Email Archive increases productivity, reduces compliance risk, and improves insights by integrating self-service access, simplified eDiscovery and legal hold, and cost-effective long-term retention. In addition to new licensing options, traditional capacity licensing is also available.

CommVault Systems, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2014; Provides Earnings Guidance for the Fiscal 2015

CommVault Systems, Inc. announced unaudited consolidated earnings results for the first quarter ended June 30, 2014. For the quarter, the company reported total revenues of $152,643,000 compared to $134,408,000 a year ago. Income from operations was $18,214,000 compared to $21,397,000 a year ago. Income before income taxes was $18,409,000 compared to $21,639,000 a year ago. Net income was $12,729,000 or $0.27 per diluted common share compared to $13,462,000 or $0.27 per diluted common share a year ago. Net cash provided by operating activities was $35,444,000 compared to $24,574,000 a year ago. Purchases for corporate campus headquarters was $18,160,000 compared to $8,715,000 a year ago. Purchase of property and equipment was $1,372,000 compared to $1,312,000 a year ago. Non-GAAP income from operations was $33,008,000 compared to $31,348,000 a year ago. Non-GAAP net income was $20,918,000 or $0.44 per diluted share compared to $19,902,000 or $0.40 per diluted share a year ago. The company expects fiscal 2015 operating margins to be down by approximately 200 to 300 basis points. It remains committed to $1 billion objective plan and growth plans, while achieving operating margins in the mid-20s over the next few years. It will continue to use a pro forma tax rate of 37% for fiscal year 2015. It expects cash tax rates to remain lower than GAAP tax rate for fiscal 2015 and to be approximately 30%. Cash tax rate will approach long-term GAAP tax rate over the next few years.

CommVault Mulls Acquisitions

CommVault Systems, Inc. (NasdaqGS:CVLT) intends to pursue acquisitions. "Well, right now we're tracking to our plan in that area, and we continue to acquire new partners. We expect to acquire some significant new partners this quarter, as well. In addition to that, we're getting some quite good traction with the major cloud providers, also. That looks like a significant opportunity for us, as well," said, Bob Hammer, Chairman, President and Chief Executive Officer of CommVault.

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